Economy minister calls on ECB head to calm debt markets
Central bank officials meet to discuss purchasing debts
Economy Minister Elena Salgado on Sunday called European Central Bank (ECB) president Jean-Claude Trichet, asking him to assume his "duty" and immediately reactivate the institution's public bond-purchasing program in an effort to calm the debt markets.
She made the call just as the ECB was meeting Sunday night to discuss possibly purchasing Spanish and Italian debt. Last week Trichet suggested the ECB would reactivate the program, and the bank reportedly purchased bonds from Ireland and Portugal.
Spain's risk premium broke the 400-mark four days in a row last week, setting off more fears that the country was headed for a bailout from Brussels.
Salgado, who spoke to her French, German and Italian counterparts as well as US Treasury Secretary Timothy Geithner on Sunday, told EFE the Cabinet will announce some 5 billion euros in new measures next week.
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